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Polish PMI edges down in January

02.02.2024 22:00
Poland’s Purchasing Managers' Index (PMI) edged down in January, signaling a worsening downturn in manufacturing business conditions, according to business information provider S&P Global.
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The international financial services company reported on Thursday that the Polish PMI dropped to 47.4 in January, from 47.1 in December, indicating the steepest downturn in the goods-producing sector since October.

S&P Global said that the retreat in the index at the start of the year "reflected stronger declines in new orders and output."

It added that "January data showed weak underlying demand for Polish manufactured goods."

Paul Smith, economics director at S&P Global Market Intelligence, was cited as saying that Polish manufacturers "continued to feel the effects of weak export and domestic demand in January."

He added: "Declines in new orders, output, purchasing and backlogs all accelerated since December."

Germany was cited as a key source of Poland's export weakness in January. "Once Germany recovers, conditions for Polish manufacturers should start to improve," Smith said.

The PMI is a composite indicator of manufacturing performance evaluated on the basis of new orders, output, employment, suppliers’ delivery times and stocks of purchases.

Any figure greater than 50 indicates overall improvement of the sector.

Poland’s PMI in April 2020 fell to its lowest level on record amid virus fears, sinking to 31.9 from 42.4 a month earlier at the height of the COVID-19 crisis.

(gs)

Source: PAP, pmi.spglobal.com